President Joe Biden is charging ahead with student loan forgiveness Plan B. On Monday, he provided new details on the plan, which could affect 30 million borrowers. Its notable elements include eliminating up to $20,000 in accumulated unpaid interest and canceling debt for those who entered repayment more than 20 years ago.
Although Biden is trying to fulfill a campaign promise and win the hearts of younger voters prior to this year's presidential election, he is only wasting our time with this new debt forgiveness plan.
Blanket debt forgiveness fails to address the underlying reasons college is so costly in the first place. Federal subsidies gave universities incentives to increase their tuition, knowing that students could turn to federal student aid to pay for college. As a result, more students attend colleges they can't afford. The federal government has not put in place any safeguards to ensure students actually benefit from taxpayer-supported loans. Americans continue to lose money as student loans are handed out without consideration for........